This A$1b fund will be used to develop strategically located sites in three cities.
ESR Cayman has launched a new Australian develop-to-hold logistics fund ESR Australia Development Partnership (EADP) with a target fund size of $5.32b (A$1b), according to a press release.
Singapore’s sovereign wealth fund GIC has committed $2.23b (A$400m) as the cornerstone investor. This fund will be used to develop sites of strategic importance, located in the eastern seaboard cities of Sydney, Melbourne and Brisbane.
The partnership will commence with two projects in the Sydney metropolitan area—ESR Horsley Logistics Park and ESR Leppington Industrial Estate. The first is a 20.8ha site to be developed into a premium distribution park with a total ground floor area of approximately 110,000 sqm. The second project has an area of 8.7 ha and will be developed as a 40,000 sqm of prime warehouse space. Other sites are also under due diligence which could be purchased by EADP.
The launch of EADP along with the recently established ESR Australia Logistics Partnership (EALP) will provide ESR Australia with capacity to acquire and develop over $18.62b (A$3.5b) of logistics assets, the press release claimed.
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